SAP "hold," target price raised

26.04.06 - ING Financial Markets

LONDON, April 26 (newratings.com) - Analysts at ING Financial Markets maintain their "hold" rating on SAP (SAP-EUR). The 12-month target price has been raised from ?174.0 to ?175.5.

In a research note published this morning, the analysts mention that the company reported robust 1Q06 results, reflecting healthy revenue growth and margin improvement. The revenue growth was mainly driven by SAP?s businesses in the Americas, the analysts say. ING Financial Markets expresses its optimism regarding the company?s performance during the remainder of 2006, while adding that the market has been overestimating the upside potential to SAP?s margins.